The pace, to use cycling jargon, was made by the banks. The group has adapted. This is the summary of a roaring start to the week for the price lists: Milan leads the way, with a rise in the FtseMib index by 1,76% to 15.907, London +0,91%, Frankfurt and Paris +0,5%.
The euphoria of banking sector (the Eurostoxx sector index gains 4% and returns to levels it has not seen since last October 31) has several explanations: 1) the no of the EU commissioner for the internal market Michel Barnier to the introduction of the Tobin tax in Europe alone; 2) the denial by the German Finance Minister Wolfgang Schaueble of a request for changes to the Basel 3; 3) the feeling that the agreement on the restructuring of the Greek debt, the subject of today's meeting of the European Council, is now almost done. Naturally, the more domestic aspects must be added to all this, namely the overcoming of the hurdles of the Unicredit capital increase and the overcoming of the EBA's requests.
Consequently Unicredit jumps 10,44%, beaten by MontePaschi + 14,04%. Understanding "satisfies" (so to speak) with 5,43%. On the rise Where's Banca + 5,86% Banco Popolare +3,05% and B. Popular Milan + 1,95%.
The euro strengthens against the dollar to 1,3025 from 1,2931 at Friday's close. The dollar index is weak at -0,5%. The BTPs are also in good health. The spread of the Btp 10 against German bonds fell to 412 bp (-17 basis points), the yield dropped to 6,08%. The two-year spread is at its lowest since the beginning of September at 331 (-20 bp, yield 3,515).
The consequences of the liberalization decree are limited: Snam drops by 1,04%, Eni advances by 0,64%. Sale Atlantia +2,14% which will not have a negative impact from the operation.
among the industrial titles, Ansaldo Sts -0,095% down: Finmeccanica +6,14% would have abandoned the plan to sell Ansaldo Breda because the operation would also have led to the sale of the railway signaling company. In the insurance sector, Generali rose by 0,27%. Unipol +5% and Fondiaria-Sai +1,5% recover.
La American stock exchange it moves slightly up, with the Dow Jones index up by 0,1%, S&P +0,3%, Nasdaq +0,1%.
On a day devoid of macroeconomic data, Wall Street's attention is on Europe, where today's European Council of Finance Ministers will set the benchmarks for what can be acceptable terms of a Greek debt restructuring to move forward with a second Athens bailout package. European commissioner for economic affairs, Olli Rehn, said finance ministers could successfully wrap up talks on Greece this week.
From the blue chips of Wall Street the banks stand out above all. Bank of America rises by 3,6%, Citigroup +2%, JP Morgan +1%, Goldman Sachs +1%.
